Approximately 1.5 million college students miss out on Pell Grant eligibility because they incorrectly complete their Free Application for Federal Student Aid (FAFSA), according to the Department of Education.
Financing a higher education has become a difficult process for many families to navigate, wasting thousands of dollars in free-aid opportunities.
To help credit union members through the college financing process, CUNA Strategic Services (CSS) and its strategic alliance provider, Fynanz Inc., will bring college planning information to CUNA’s member education products.
Fynanz develops customized private student lending solutions and powers the cuStudentLoans private student loan program. The exclusive collaboration with CUNA delivers content from Fynanz’s “College Planning” to several of CUNA’s onlineEDGE Personal Finance for Members products, including Home & Family Finance Resource Center and MoneyMix.
Fynanz’s “College Planning,” distributed through cuStudentLoans.org, includes expert insight on higher education, including how to plan college visits, school selection, choosing a major and navigating the college financing process. Ken O’Connor, a 10-year veteran of the financial aid industry and current director of student advocacy at cuStudentLoans.org, develops and maintains the content.
Private student loan programs are proving popular as credit unions look for effective strategies to attract younger members and generate new loans. They also offer credit union opportunities to educate members about rising tuition costs and increasingly competitive admission standards.
CUNA, CSS, and Fynanz also are developing strategies to help credit unions enhance their financial relationships with college students and their family members.
As millennials emerge in the workplace, CU leaders modify their management approach and expectations.